PANews reported on November 25 that the head of South Korea's top financial regulator has 'temporarily' dismissed the idea of establishing a national Bitcoin reserve. Jin Byung-hwan, chairman of the Financial Services Commission (FSC), made the remarks during a television interview on November 24.
Jin Byung-hwan stated that Seoul has 'no need' to 'stockpile cryptocurrency' as promised by U.S. President-elect Donald Trump, and South Korea will wait for other countries to respond to Trump's cryptocurrency adoption plan before taking action; our top priority is to study how to better protect domestic cryptocurrency investors; the FSC does not believe that BTC and other currencies can bring benefits to the national economy; regulators will 'investigate' this wave of 'cryptocurrency frenzy', 'focusing on' and 'closely monitoring' behaviors suspected of 'unfair trading'.
